Cautious dollar sentiment strengthens the yen | 04 September 2024

04 September 2024, USD/JPY

Cautious dollar sentiment strengthens the yen

An event to look out for today:

15:30 GMT+3. USD - Foreign Trade Balance

USDJPY:

The Japanese Yen (JPY) continues to strengthen against the US Dollar (USD) following the release of Jibun Bank's Services PMI data on Wednesday. The index was revised to 53.7 in August from an initial estimate of 54.0. Despite this being the seventh consecutive month of growth in the services sector, the latest reading was unchanged from July.

Japan's Chief Cabinet Secretary Yoshimasa Hayashi said on Wednesday that he was ‘closely monitoring developments in domestic and international markets with a sense of urgency.’ Hayashi emphasised the importance of pursuing fiscal and economic policies in close coordination with the Bank of Japan (BoJ). He also emphasised the need to calmly assess market movements, but declined to comment on daily stock fluctuations.

The US Dollar is receiving support as traders are cautious ahead of the release of US employment data, particularly the August Non-Farm Payrolls (NFP). This data may provide additional information on the possible timing and extent of Federal Reserve (Fed) rate cuts.

Trading recommendation: We follow the level of 144.90, if it is fixed below, we consider Sell positions, if it rebounds, we consider Buy positions.

Connect Drawdown bonus 101% and trade with double deposit! Bonus funds will help you increase your profits or withstand a sudden drawdown!

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
ปูมบันทึกอยู่ใน
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .